Leonardo Maria Del Vecchio boycotts Delfin shareholder meeting, accusing board of inertia and governance failures

A dramatic no-show

Leonardo Maria Del Vecchio, chief strategy officer of EssilorLuxottica and president of Ray-Ban, surprised the Luxembourg holding company Delfin by refusing to participate in its annual shareholders' meeting on 30 June 2026. In a letter addressed to the assembly, he laid out what he called 'serious unresolved critical issues' that made it impossible for him to take part in the deliberations, which included approval of the 2025 accounts.

While the Board remained silent, some directors entertained informal communications with only some shareholders, generating confusion and mistrust.

Governance grievances

At the heart of the protest is LMDV's proposal to acquire the shares held by his siblings Luca and Paola Del Vecchio, an operation he says would have left financial risks entirely on his own shoulders while securing favourable conditions for Delfin. For weeks, however, certain board members limited themselves to raising 'generic exceptions on presumed legal limits' without examining the merits of the request. LMDV also noted that despite repeated written requests for corporate documentation essential even for discussions with lending banks, he received only telephone replies and never a formal written response. When the board was asked on 24 June to adopt a formal position, it split and reached no shared conclusion.

The Basilico dispute

Another central charge concerns Rocco Basilico, whose 2022 entry onto the shareholder register LMDV continues to contest. Describing an 'unjustifiable inertia', the letter states the board never carried out an analysis of the registration despite objections raised by LMDV and his mother. He reiterated his opposition to Basilico participating in the meeting with intervention and voting rights, reserving the right to challenge any resolutions adopted with Basilico's contribution. The letter also calls Basilico's recent initiatives a 'disproportionate' reaction to proceedings that directly concern him.

Asset sale scenario rejected

Five shareholders have already presented transfer notices, and Basilico has floated the hypothesis of liquidating Delfin's assets at a discount. LMDV dismissed this scenario with firmness, describing it as 'inconvenient and illogical'.

Meeting outcomes

Despite LMDV's absence, the meeting achieved a quorum and voted unanimously for those present to approve the 2025 financial statements. Only two statutory auditors were appointed, Lara Forte and Fabio Scoyni, while Marco Talarico, former CEO of LMDV Capital, was rejected. Delfin remains the primary vehicle for the Del Vecchio family, controlling a 32.4% stake in EssilorLuxottica alongside significant positions in other major Italian and European listed companies.